Covenant Territory
Covenant territory is when your TTM P&L is hovering close to the covenant thresholds. Being in covenant territory
Operations
37 posts
Org Chart w/ Rock Stars
Organization chart coloring. In board meetings I like to present a current view of the organization, and I use four
Negative NWC
Many searchers overlook the value of negative working capital. Everyone is hyper-aware of capex-intensity, but net working capital (NWC) is
5.8x MOIC
5.8x MOIC. In 2019 I invested in an all-equity 100% acquisition of a moderately-growing target. The entry multiple was
Yearly Headwinds
Recent history of operational headwinds: 2020: COVID 2021: Supply chain 2022: Inflation 2023: Labor shortage Still trying to figure out
8 Graduates from Tech Track
8 apprentices successfully graduated from the Tech Track program at Service Star Brands this week. We celebrated with a company-wide
UpSmith Podcast (May 2023)
Wyatt Smith is an authority on workforce productivity. We need people of his extraordinary caliber to solve one of America’
AI killing office jobs
For years we envisioned that AI robots would kill blue-collar jobs (assembly lines, warehouses, chauffering, cashiers). Instead, in 2024 there
HR in 4 parts
HR consists of 4 parts: Administration, Recruiting, Training, Retention. From left to right, tactical/reactive to strategic/proactive. Sadly, most
Apprentices at Service Star
Just wrapped up an inspiring session with our new apprentices at Service Star Brands! I met 10 incredible gentlemen selected
Training = Vertical integration
Training is actually vertical integration. One often hears about how companies use M&A to vertically integrate as a
People vs. Profitability
It took me a while to understand the link between people and profitability. I routinely ask our management team how
To the porn stars in my network
To the porn stars in my network: I recently met a tax strategist for adult movie actors. I'm
